CDK Global completes return of $1 billion of capital to shareholders

HOFFMAN ESTATES- CDK Global has completed its plan to return $1 billion of capital to its shareholders by the end of calendar year 2016.

During the second quarter of fiscal 2017 ending December 31, 2016, the company returned a total of $370 million through a combination of dividends and share repurchases. The $370 million was comprised of $20 million in dividend payments, $20 million of open market share repurchases, and $330 million in accelerated share repurchases. The ASR is currently in-market and is expected to be completed in the fourth quarter of fiscal 2017.

"The timely completion of the return of capital plan reinforces our commitment to returning value to our shareholders on an expeditious and prudent basis and demonstrates the board's confidence in our long-term prospects," said Brian MacDonald, president and chief executive officer. "Our financial position leaves us well positioned to invest in our business and to continue the momentum of returning capital to our shareholders. We look forward to sharing the next steps with respect to return of capital on our second quarter fiscal 2017 earnings call."

The company is scheduled to release its financial results for the fiscal second quarter ending Dec. 31, 2016 before the opening of the Nasdaq on Feb. 2.